The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

There's little question that getting a mortgage is a complicated process. You wouldn't be visiting our site if it were possible to complete a one-page application and receive a great loan check cut in one day. But Smart Mortgage & Investments does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a mortgage loan involves four major steps.

Step one: determine how much you can borrow

A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: complete a pre-qualification

This is where Smart Mortgage & Investments can start saving you money. You will supply info about your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we have reviewed this info we will give you a pre-qualification letter. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new house with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you have signed the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.

Step four: your loan is funded

The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your date to close. Because you will not have to coordinate this process, you can think about the move, paint colors, new carpet, and the details involved in getting your new home.

You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving in! We take care of all the loan details so you can focus on finding your new home.